RT Journal Article SR Electronic T1 CMBS Loan Defaults JF The Journal of Fixed Income FD Institutional Investor Journals SP 52 OP 59 DO 10.3905/jfi.2002.319333 VO 12 IS 3 A1 Patrick J. Corcoran A1 Yuriko Iwai YR 2002 UL https://pm-research.com/content/12/3/52.abstract AB This examination of several empirical models that allow for loan seasoning and recession uses data from a recent Fitch CMBS loan default study. Loan seasoning produces a permanent increase in default rates, while the recession bump in defaults is temporary. Thus, different views of the relative importance of seasoning and the recession imply optimistic and pessimistic views of the future.